Cyber Monday On Pace For Biggest Online Shopping Day in U.S. History: Data

By  //  November 26, 2018

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Shoppers expected to spend $7.8 billion

ABOVE VIDEO: Today’s Cyber Monday is predicted to be the largest online shopping day in U.S. history. Shoppers are expected to spend $7.8 billion.

(FOX BUSINESS) – The 2018 edition of “Cyber Monday” is on track to be the biggest online shopping day in U.S. history, according to early data from Adobe Analytics.

Shoppers had already spent $531 million as of 10 a.m. ET. Total spending is projected to reach $7.8 billion, which would mark an increase of more than 18 percent compared to the same day one year ago.

“Despite some of the best deals coming earlier in the holiday season, the Cyber Monday brand has great staying power,” said Taylor Schreiner, director of Adobe Digital Insights. “Many shoppers have waited on certain purchases, with three hours tonight expected to bring in as much revenue as an average full day. While certain discounts have remained since Black Friday, out-of-stock rates are starting to peak up and shoppers looking for the hottest products should not wait much longer.”

Smartphones are expected to account for a large portion of online sales revenue, projected to be more than $2 billion, according to the firm. Other popular products include video game Red Dead Redemption 2, Roku and Beats headphones.

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